Iran to increase oil output to 5.7 million bpd by 2018

The senior MP told IRNA about the plannings the Oil minister presented to the parliament energy commission.

In the meantime, Iranˈs daily gas production will reach 1000 million cubic meters per day by 2018, MP said citing the same planning.

ˈProduction capacity of Iran’s giant South Pars gas field in the Persian Gulf would increase by 100 million cubic meters per day in the current Iranian year, which started on March 21, 2014,ˈ Zangeneh told the MPs membering the Majlis Commission on Energy.

Meanwhile, another member of the energy commission Mousa Ahmadi said that the Oil Ministry has plans to raise the import of standard gasoline and in the meantime, to increase standard of the gasoline produced inside the country to prevent degradation of environment.

Iran has the second-largest proven gas reserves in the world, in addition to the fourth-largest proven oil reserves.

Iran’s biggest crude export markets—China, India, South Korea and Japan—have increased their purchases slowly but steadily during the first few months of 2014.

The increase followed an interim nuclear deal signed between Iran and the G5+1 on November 24 last year, which went into effect on January 20.